Bitcoin founder Satoshi Nakamoto recently saw his assets surge to over $120 billion due to the BTC price increase, surpassing NVIDIA founder Jensen Huang and becoming the 13th richest person globally.
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ToggleBitcoin Breaks Historical High, Satoshi Nakamoto's Net Worth Reaches $123 Billion
According to Arkham data, Satoshi Nakamoto currently holds approximately 1.1 million Bitcoins, representing 5.24% of the total supply.
After BTC previously reached a historical high of $111,891, Satoshi Nakamoto's net worth momentarily reached around $123 billion. Although the price slightly adjusted to between $106,000 and $109,000 a few days later, he remains among the world's top 15 richest individuals.
Satoshi Nakamoto's Net Worth Surpasses Jensen Huang, Ranking 13th Globally
According to Bloomberg's 5/28 Global Top 500 Billionaires Index, Satoshi Nakamoto, with a net worth of around $120 billion, has surpassed the following notable entrepreneurs:
NVIDIA founder Jensen Huang
Walmart heirs Rob and Alice Walton
Inditex founder Amancio Ortega
Satoshi Nakamoto's Identity Remains Mysterious, Posing Largest Market Risk
Over the years, the public has been trying to uncover Satoshi Nakamoto's true identity, with numerous claims and speculations, including rumors that the US government already knows who he is. Currently, lawyers are alleging that the Department of Homeland Security is deliberately concealing the truth and are battling in court.
Coinbase also mentioned in their financial report: "If Satoshi Nakamoto's identity is exposed and he moves his Bitcoins, it could potentially disrupt the entire crypto market."
Risk Warning
Cryptocurrency investments carry high risks, with potentially significant price volatility. You may lose your entire principal. Please carefully assess the risks.
New York Report: According to the New York City Controller's official press release, Comptroller Brad Lander firmly rejected Mayor Eric Adams' BitBonds Bitcoin municipal bond proposal presented at the Bitcoin conference in Las Vegas. He stated that this was merely a public relations tactic for a private trip, emphasizing that cryptocurrency cannot support New York City's public finances. He specifically issued a statement questioning the legal and financial feasibility of the plan, clearly indicating his non-support.
Brad Lander stated that during his term, New York City will not issue any Bitcoin-backed bonds. He emphasized that while Mayor Adams might have high expectations for cryptocurrency, as the Comptroller, his responsibility is to ensure New York City's financial stability. Lander pointed out that cryptocurrencies are highly volatile and cannot serve as a stable funding source for public infrastructure projects like affordable housing and schools. He also warned that allowing crypto asset reserve strategy bonds could potentially undermine the credit rating of New York City's existing bonds.
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ToggleWhy Is the BitBonds Bond Arbitrage Model Controversial?
According to the BitBond proposal, investors can obtain 100% of Bitcoin appreciation returns, but must reach a certain threshold, such as a 4.5% Compound Annual Return. Calculated based on a 10-year bond of $100 with a return of $155.30, after reaching this threshold, investors will receive an additional 50% of Bitcoin appreciation returns. The remaining 50% of returns above the threshold will be owned by the government. Tax-exempt municipal bonds are constrained by federal arbitrage tax rules, which limit the purpose of bond issuance and the returns of such bonds. The current federal tax law system is likely to neither allow purchasing cryptocurrencies through tax-exempt financing nor allow investment returns to exceed the federally subsidized financing costs.
BitBonds Faces Multiple Institutional Challenges Inconsistent with Legal and Fiscal Frameworks
The BitBonds bond reserve differs from traditional ten-year government bonds. The BitBonds plan will invest 90% of funds in New York City municipal expenditures and use 10% to purchase Bitcoin as a Strategic Reserve. This allocation raised questions from Brad Lander, who pointed out that according to Audit Department Guideline No. 10, New York City can only finance under specific conditions. According to current regulations, municipal bonds should primarily be used for assets that can generate revenue over multiple years, such as long-term public construction and infrastructure or tangible assets, rather than speculative virtual assets like Bitcoin.
Additionally, BitBonds' design, which allows investors to share potential Bitcoin appreciation returns, may violate federal tax law restrictions on tax-exempt municipal bond arbitrage returns. According to existing regulations, tax-exempt bonds cannot be used to obtain returns exceeding government-subsidized interest rates, especially when such returns come from high-risk assets like Bitcoin.
Brad Lander believes that New York City currently lacks a mechanism to pay with or exchange Bitcoin for US dollars, and all municipal revenues and expenditures are still calculated in US dollars as the sole legal currency, which significantly undermines the technical and financial feasibility of BitBonds.
New York City Comptroller Brad Lander strongly opposes Mayor Eric Adams' proposed BitBonds Bitcoin municipal bond plan, arguing that the concept has legal concerns, is fiscally irresponsible, and even criticizes it as a public relations operation for the Bitcoin conference. Lander emphasizes that cryptocurrency is highly volatile and cannot stably support public infrastructure. If incorporated into municipal financial planning, it could weaken New York City's credit rating.
He points out that the BitBonds investment structure does not comply with federal tax-exempt bond regulations, may violate arbitrage return restrictions, and the plan's investment of part of its funds into speculative assets like Bitcoin goes against the principle of municipal bonds being used for long-term municipal capital projects. More importantly, New York City cannot yet use or exchange Bitcoin as an official payment tool, rendering the proposal lacking practical feasibility.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
